Can you record an asset if only a deposit is made?

Yes, you can record an asset if only a deposit is made, but it typically depends on the nature of the deposit. If the deposit represents a commitment to acquire an asset, such as a down payment on property or equipment, it can be recorded as a prepaid asset or deposit asset until the full transaction is completed. This ensures that the financial statements accurately reflect the company’s rights to the future benefits associated with that asset. However, the specifics can vary based on accounting policies and standards.